Empirical studies show that entry into markets increases both price and quantity of goods supplied.

Answer the following statement true (T) or false (F)


False

Economics

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According to these relationships, the efficient output level arises where

Consider the following model for the production of refined oil: MSC = 10 + 0.5Q; MEC = 0.3Q; MSB = 30 – 0.3Q; MEB = 0. a. QE = 25 b. QE = 40 c. QE = 20 d. none of the above

Economics

Many business cycle theories are associated, by name, with individual economists who championed the ideas. For example, the housing cycle is also known as the

a. Schumpeter cycle b. Keynesian cycle c. Marxist cycle d. Kuznets cycle e. Jevons cycle

Economics

Which of the following demonstrates the law of supply?

a. When leather became more expensive, belt producers decreased their supply of belts. b. When car production technology improved, car producers increased their supply of cars. c. When sweater producers expected sweater prices to rise in the near future, they decreased their current supply of sweaters. d. When ketchup prices rose, ketchup sellers increased their quantity supplied of ketchup.

Economics

The major determinant of an individual's income is

a. his personality-if the coworkers and the boss like him. b. if he earns a salary or if he is paid by the hour. c. how productive he is combined with demand for what he produces. d. whether or not his family is wealthy

Economics